Keep Tabs on These 2 Stocks Under $20

INFY could benefit from a sentiment shift

Digital Content Manager
Mar 13, 2024 at 3:24 PM
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Depending on who you ask, a recession is either right around the corner, or the stock market is ready to rattle off a seismic bull run. As always, the answer is probably something in the middle of those two extremes. But due to the uncertainty surrounding the Federal Reserve’s rate cuts, investors are stuck in a holding pattern until more data defines the country's fiscal path.

Since bargains become popular when times are uncertain, we’d like to introduce a new weekly segment: Cheap Seats. Every week, we will profile two stocks under $20 with a market capitalization of at least $2 billion.

These are not outright "buy" recommendations, but interesting names – with cheap overhead – that are worth adding to your watch list. First up, we will be taking a closer look at both Infosys Ltd ADR (NYSE:INFY) and Blue Owl Capital Inc (NYSE:OWL).

Last seen down 0.6% to trade at $19.31, Infosys stock is testing support at the $19.20 region, after pulling back from a Feb. 6, nearly two-year high of $20.76. The ascending 80-day moving average lingers below to contain any additional pullbacks and preserve the stock's 11.4% year-to-date lead.

An unwinding of pessimism over in the options pits could push INFY closer to its recent peak. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 50-day call/put volume ratio of 1.98 sits higher than 89% of annual readings.

OWL was flat at $17.50 at last check, but also not far removed from its Feb. 9, record high of $18.33. The 20-day moving average has been guiding the shares higher since December, contributing to an impressive 70.4% lead amassed in the past 12 months.

Despite this recent price action, short interest added 16.3% in the most recent reporting period. Plus, four of the 14 analysts in coverage still sport a tepid "hold" rating, meaning OWL could still benefit from a round of upgrades.

 

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